63B-7-301 - Definitions.
63B-7-301. Definitions.
As used in this part:
(1) "Bond anticipation note" means a note issued in anticipation of the receipt of theproceeds of the sale of the bonds authorized under Part 2 of this chapter.
(2) "Flexible note" means a bond anticipation note whose interest is payable at, and onone or more dates before, maturity.
(3) (a) "Short-term series note" means a bond anticipation note that is one of a series ofnotes issued pursuant to a financing program under which it is expected that:
(i) each note will be paid from the proceeds of one or more renewal notes of that series;and
(ii) the final note or notes of the series will be paid from:
(A) the proceeds of bonds in anticipation of the receipt of which the note or notes wereissued; or
(B) money of the state on hand and legally available for that purpose.
(b) "Short-term series note" includes any note issued pursuant to a revolving creditagreement or other similar liquidity facility for the purpose of renewing or paying outstandingshort-term series notes on their stated maturity dates when those short-term series notes are notrenewed or paid from the proceeds of one or more other renewal notes of the series.
Enacted by Chapter 316, 1998 General Session